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problem 1: Define and prepare brief notes on each of the given:

a) Institute warranties
b) Sue and labor
c) Non-separation agreement
d) Average guarantee

problem 2: Define the term subrogation and give two illustrations of its application in marine insurance.

problem 3: What is the difference between implied and express warranties in the context of marine insurance? Give an illustration of each.

problem 4:

a) Identify the necessary features that require being present to constitute a general average loss as defined in the Marine Insurance Act 1906.

b) describe your answer with an illustration.

problem 5: Identify and describe the circumstances in which a return premium is allowed in marine insurance and how could the owner protect that return in the event of a total loss claim before expiry of the policy?

problem 6: Describe the purpose of the continuation clause (clause 2) in the Institute Time Clauses - Hulls 1/11/95.

problem 7: describe how the insurance period is dealt with after arrival of cargo at destination, under the Institute Cargo Clauses 1/1/82.

problem 8: A vessel sustains three partial losses on separate occasions. Before such damage was repaired, she was totally destroyed by fire. Describe fully how you would expect insurers to respond to this series of casualties. Give your reasoning.

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M94624

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